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Most student loan borrowers are unaware that as of July 1, 2006, the Department of Education placed an extension on the deadline. The extension allows student loan borrowers to receive pre-July 1, 2006 interest rates if they have a partially completed application on file with a lender.
The U.S. Department of Education allowed student loan borrowers to lock in the significantly lower pre-July 1, 2006 interest rates by submitting an application for consolidation before the deadline. However, due to the enormous demand this year for student loan consolidation, many student loan borrowers were unable to finish their consolidation application in time. This resulted in an increase in monthly payments and thousands of dollars in extra interest costs for student loan borrowers who missed the consolidation deadline. However, there is good news for those who did not fully complete their consolidation application in time.
Incomplete Applications
Many student loan borrowers prior to July 1, 2006 responded to a piece of mail immediately directing them to call about their student loans and then partially completed an application. This past year there also were borrowers who submitted a partially completed online application before the deadline. Since these borrowers did not sign the application they suspected they were ineligible for the lower interest rates.
Act Now to Receive Lower Interest Rates
For example, federal student loan consolidation provider NextStudent has countless partially completed applications from incoming callers and online inquiries that were started before the July 1, 2006 deadline. These applications were completed yet lack a signature; therefore, those borrowers are eligible to receive the pre-July 1, 2006 interest rates. In order to receive a lower rate, borrowers must act now and call NextStudent to sign their application. The Department of Education’s extension most likely will expire by December 2006, which does not give borrowers much time to act.
To check and see if you are eligible for the pre-July 1, 2006 interest rates and save thousands of dollars on your student loans, immediately contact NextStudent at 1-800-299-4639 or online at http://www.nextstudent.com.
Consolidation Comparison Calculator
If you are ineligible to receive pre-July 1, 2006 interest rates there still is hope. With student loan consolidation, you can cut your student loan payments by as much as 60 percent. There are many different providers in the industry, and borrowers can become very frustrated after calling numerous companies to receive a quote.
Fortunately, NextStudent has developed a unique student loan consolidation comparison calculator, which provides rates offered by the top consolidation lenders in the student loan industry. Simply enter your student loan information into the consolidation comparison calculator, and it will provide the monthly payment, interest rates and discounts offered by each lender.
Additionally, the new student loan consolidation comparison calculator is absolutely free and coded in a format that easily can be added to any Web site. NextStudent wants all borrowers to benefit from this calculator and provides it in a “skinable component” format so other Web sites can have access to its benefits. Webmasters simply can go to webmaster page and copy and paste this code into their Web site. This enables webmasters to offer the calculator directly off their own Web sites rather than having to place a link to NextStudent’s Web site.
NextStudent believes that getting an education is the best investment you can make, and it is dedicated to helping you pursue your education dreams by making college funding as easy as possible. Learn more about Student Loans.
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